Here at Cornerstone Information Systems have been working on a method to aggregate, anonymize, and distribute information about the health of the Travel Industry – gathered from all of the data that flows through our network every month. We feel that it is paramount that companies with data share our knowledge and the foresight it brings.
To facilitate that goal of data sharing, and yet also keep the data of our clients private, we have been working on the creation of a Cornerstone Index.
Here are the numbers regarding the May 2023 travel index:
|Avg Trip Spend||$1583.61||+1%|
|Avg Air Spend||$799.30||+2%|
|Avg Hotel Spend||$582.81||+1%|
|Avg Car Rental Spend||$201.50||-3%|
There was also an 3% increase in processed trips taken from April 2023 to May 2023.
** All currency is displayed in USD – the aggregates of our data have been converted into USD before being taken into account and calculating the Index numbers **
May 2023 Analysis
- May perked up a little bit in terms of trip volume. As we head into the summer months, this will likely continue to increase, as will prices.
- Hotel stays and car rentals also climbed somewhat, though the duration of trips in both categories dipped. This indicates more trips being taken, though for shorter amounts of time.
- Overall, everything seems to be remaining quite stable. We will see if that holds true as the busy summer months begin.
Information on the Cornerstone Index:
Much like how the S&P 500 Index tells the health of the US Stock Market, the Cornerstone Index is meant to reflect the health of the travel industry according to the data that we have available to us.
Please note that we are performing adjustments and cleansing to ensure an accurate index. This means that during our development of the travel index, some values may fluctuate month to month in their calculations. However, we do not believe this offsets major travel trends.